Sophie Michael from BDO stated, "These results are disastrous for the retail sector, with just one more month of the so-called 'Golden Quarter' left... heavy and prolonged discounting throughout most of November, but this has failed to get consumers spending."
The report highlights that total retail sales in discretionary spend categories fell by -5.8% in November, marking the worst performance since January 2021, with online sales down -7.8%.
Retailers are struggling as consumers prioritize spending on leisure and hospitality experiences, leading to concerns about future cash flow and the retailer's bottom line due to rising living costs.
Sophie Michael also mentioned, "All retailers and particularly those operating within the discretionary spend category, will face an even tougher first quarter in 2025 should this sales trajectory continue into the final weeks of this year."
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